CGS(601881) 中国经济网·2025-01-20 08:47Core Viewpoint - Cisco Ray (688053.SH) experienced a significant drop in stock price, closing at 24.16 yuan with a decline of 12.34%, resulting in a total market capitalization of 2.416 billion yuan due to regulatory issues [1][4]. Regulatory Actions - On January 17, 2025, Cisco Ray received an administrative supervision decision from the Sichuan Securities Regulatory Bureau, which mandated corrective actions and issued warning letters to key personnel for improper revenue recognition [1][2][5]. - The Sichuan Securities Regulatory Bureau found that Cisco Ray recognized revenue of 9.9604 million yuan in 2022 without meeting the necessary conditions, leading to an overstatement of revenue and profit in the annual report [5][6]. Company Response - Cisco Ray acknowledged the issues raised in the regulatory documents and committed to improving financial controls, legal awareness, and compliance to prevent future violations [2][6]. - The company stated that its operational and financial conditions remain normal and it will cooperate with the China Securities Regulatory Commission in related matters [2][6]. IPO and Financial Details - Cisco Ray was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2022, with an initial public offering of 25 million shares at a price of 55.53 yuan per share [3][6]. - The total funds raised from the IPO amounted to 1.38825 billion yuan, with a net amount of 1.2525066 billion yuan, exceeding the original plan by 633.9425 million yuan [3][7]. - The funds were intended for various projects, including testing bases and research centers, with total issuance costs of 135.7434 million yuan [7].